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China Crypto Roundup (May. 2-May. 8) :Chinese Big Brands Start NFT Rush

1. Alipay users can now search and use digital RMB through instructions in the app

2. The Shanghai Superior People’s Court published an article stating that Bitcoin, as a virtual property, has property attributes and is subject to the regulation of property rights laws.

3. The Chaoyang District People’s Court in Beijing recently disclosed that on October 16, 2020, two people stole a total of 620,000 Tether, 12687.9956 Ethereum, and 149.99627927 Bitcoin from a Crypto trading platform (XX Global XX Ltd.). The total value of the cryptos worth more than 50 million yuan, and they returned more than 48 million yuan in crypto. The two were eventually sentenced to 12 years in prison.

4. Li Ning, a well-known Chinese clothing brand, said on Weibo that it will launch BAYC #4102-themed clothing

5. Zhou Xiaochuan, the former governor of People’s Bank of China, was asked in an interview whether digital currencies would impact the dollar-dominated international monetary system. He believes that the dollar still dominates global reserves and global payment systems, and the change in the role of the dollar is a slow process and depends largely on whether the dollar itself makes mistakes. Zhou Xiaochuan revealed that China’s digital currency (CBDC) that is currently used and publicly tested in a small area is originally intended for retail use, mainly to cater for the needs of the public.

6. China’s leading entertainment company, Lehua Entertainment, announced release of a digital collection with theme of “Lehua’s 12th Anniversary Family Concert”, which is the first attempt of cross-border linkage between live performances and digital collections in China.

7. Chinese sporting goods brand 361 Sport (http://01361.HK) announced the release of NFT digital collections, entering Metaverse space for the first time. In addition, clothing based on this NFT is also available on e-commerce platforms and offline channels.

8. Recently, Zhejiang Provincial Development and Reform Commission detected an abnormal IP address in a certain place in Huzhou, suspected to be illegal virtual currency “mining” behavior. After investigation, it was found that 121 mining machines were used for Ethereum mining, involving funds of 3 million YUAN. A case has been registered for investigation.

9. Chinese leading video community bilibili released an authorized “Cheers UP” NFT collection for overseas users.

10. Chinese state-owned real estate developer Greenland Holdings purchased BAYC #8302 and used it as a digital strategic NFT figure

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